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Technology Stocks : INDONESIA'S PT TELECOM(TLK) -- Ignore unavailable to you. Want to Upgrade?

To: Jay Fisk who wrote (60)	1/22/1998 2:41:00 AM
From: Joe	Read Replies (3) \| Respond to of 947

Telkom also has a huge debt and it may not be able to apy its debt, too. If so, it has the chance to go kaput. For those who trade heavily in TLK, do not celebrate until you have your cash at hand. The lower the Rupiahs, the lower the value of TLK in $ terms.. Just watch from the sideline.

To: Jay Fisk who wrote (60)	1/22/1998 7:51:00 AM
From: Duke	Respond to of 947

Traders say Soros, Tiger agents savaged rupiah and ringgit By Larry Wee [SINGAPORE] It was George Soros' Quantum Fund and Julian Robertson's Tiger Fund, as well as a particular American investment bank. As traders struggled to find an explanation for the 2,000-rupiah and 25-sen slide, these were the familiar names that swept through the markets. Reliable sources said it was New-York based orders that sent the Indonesian rupiah and Malaysian ringgit plunging against the greenback from the opening bell yesterday. The sources, who spoke to BT on condition that they not be named, said the rupiah and ringgit were forced down in unusually heavy selling by banks normally seen as agents of the two American hedge funds. "I don't know for sure if these guys were taking losses or starting new positions, but they've been pretty visible in the last few sessions," said the head of a major trading desk. Compared to where they ended in New York on Tuesday, the rupiah suffered an overnight loss of 16.7 per cent to close at 11,700 after hitting 12,000, and the ringgit surrendered 5.6 per cent to end at 4.4450. Barclays' Desmond Supple remained extremely bearish for Asian currencies' recovery prospects, despite the start of talks to reschedule Indonesian corporate debt. "For me, the only surprise is why they recovered so much last week," he said. Last Thursday, the rupiah strengthened at one point to 7,025 per US dollar on optimism associated with drastic revisions of the Indonesian budget by President Suharto. Another regional player said that orders were much heavier than usual, and estimated that at least US$500 million (S$881 million) changed hands on the rupiah yesterday morning. This, at a time when thin market conditions have reduced average transaction sizes to between US$1 and $3 million -- compared to US$5-10 million in mid-1997 when the attack on Asian currencies began. But traders were also surprised at the resilience of the Singapore dollar, especially when few sighted intervention to support it. The US dollar found many sellers when it tipped past 1.77, they said, and the local unit actually strengthened to below 1.76 before finally settling at 1.7635 for a 0.9 per cent loss overnight. By yesterday's Asian close, the Sing had given up 4.4 per cent against the US dollar compared to Dec 31 last year. The ringgit was 12.7 per cent lower, and the besieged Indonesian unit had lost slightly more than half its value. Elsewhere, the Korean won ended Asian trading almost 5 per cent lower overnight at 1,721. The Thai baht was 2.4 per cent weaker at 53.15, and the Philippine peso closed 2 per cent down at 41.75.